ICON (ICX) – Since the dawn of the computer age. Industrialized countries with technology at their disposal were able to grow exponentially. Other less fortunate countries could not afford the opportunity. Further isolated countries never developed industries; nor did they have access to necessary technologies that would help them compete in a global marketplace.
The world is about to change
The United Nations and governments around the world are taking notice of the current inequalities between countries. Through the International Monetary Fund and the World Bank’s initiatives, underprivileged countries will be able to, in the future, compete on the world stage.
One such initiative is the Universal Financial Access (UFA) 2020 which is focusing on 25 countries where 73% of the world’s unbanked population resides. The UFA 2020 could help those who are located in the undeveloped world gain much needed access to bank accounts. These countries would have financial inclusion rather than exclusion.
A difficult undertaking for many reasons
First of all, many countries still do not have a majority of their citizens participating in what could be a global economy. This may be just due to lack of access to currency or just due to lack of funding of governments in general. According to the world bank two billion people still require financial access.
Another issue is financial education. Most individuals in lesser developed countries have little education. And this lack understanding translates into even less understanding in fundamental mathematics. A requirement for individuals to properly manage bank accounts.
There is also, no ability to validate individuals in undeveloped countries. Lack of identification prevents proper validation. Which makes it very difficult to give individuals wages and financial aid into their bank accounts.
Currently, in some countries, citizens lack trust. This may be in technology or in their governments. Individuals who get bank accounts need to see that the process of establishing accounts is easy and considered safe and secure to use.And that there finds won’t be stolen.
In some cases governments aren’t sturdy enough to have oversight. Individuals will require government regulations and oversight for many reasons. One such case could be if someone were to lose their id, or lose their passwords or they are stolen. If the government is not stable how would the accounts remain safe, secure, and trustworthy?
Another issue is women currently in underdeveloped nations are 20% less likely to use financial services. This is may be due to family reasons, social class, religious reasons, or overall lack of willingness to educate women in underdeveloped countries.
Cost is another factor preventing nations from becoming more developed. Countries are plainly being left behind due to overall infrastructure costs.
Again initiatives are under way to deal with these many issues. But who can solve the worlds economic uncertanties?
Icon may be the answer the world needs
Icon’s hyperconnected blockchains could potentially solve the financial problems for the world.
Icon has the ability to create communities that will have their own structured set of currency’s. Each community’s currency will sustain itself. Those structured currencies will be convertible to higher valued currencies belonging to larger communities. Exchanges can be made in essence without disrupting the smaller community personal financial stability. When applied to city, state and country levels it could be a real economic game changer.
Icon can solve an unfair and unbalanced exchange of currency and will ultimately be able to balance the scales of global injustice.
It will allow, current , more industrialized, more technologically advance countries, to thrive without utilizing capitalism to prevent other countries from also thriving.
Icon can connect the world
IMF and the World bank most likely are already planning on improving banking for isolated countries. This requires technology and in order for citizens to place money into a bank they will require jobs. Technology can provide both jobs and the financial technology to make it happen.
Icon will be able to improve access
If each citizen were given computer technology, electricity, and banking through blockchain it would solve the problem of governments lacking funding. Citizens by working would provide the taxes needed to fund the disposal of technology. The governments would have adequate funding. They could also utilize their own country’s digital currency. Which could be stored safely by an individual even if they did not carry on their person a personal device. A bank serviced by each country’s government or private corporation could store each citizens financial information with their unique identifiers. Allowing trust to be established by the blockchains rather then government beaurocrats. Making it more likely for citizens to obtain bank accounts.
Technology could also be utilized to educate the citizens in their own language on how to use banking services Governments will be able to provide training with minimal personnel. The community would be able to learn over time how to utilize and manage their accounts. This could also provide women the opportunity to learn and use their accounts. As foreign women become more interested in its use they will be more willing to try and use the standardized blockchain run bank accounts.
Blockchain is safe and secure to use, making it easier for citizens to trust its use. Further trust can be established due to each individual will have control of their own accounts. That is If the government isn’t able to be helpful to the citizens.
Adopting fiat currency is actually more difficult. It has to be printed and stored by banks. Without strong governments and even stronger banking regulations it would be difficult to establish quickly. Also as we have seen if each country or community wanted to have its own currency it would be a nightmare for citizens properly getting the right exchange rate correct without an intermediary. Which would drive the cost to use it.
In order countries to use the technology. Countries will have to determine how much participation and to what extent they would participate in the global economy. Including what type of currencies and exchanges they would be comfortable using.
There is also still an issue with citizens even in developed countries still using fiat currency rather then bank accounts. According to the world bank three hundred and fifty five million adults in developed countries continue to draw out cash rather then use their existing accounts for transaction purposes.
ICON’s network of blockchains could make it more of a reality for developed countries to go cashless. By allowing citizens to use digital cash between parties with no fees. Just like citizens are able to exchanging money between two parties.
So if you’re an advocate for globalization and the use of crypto currency to govern the world. And if you believe it is reasonable for nations to remove their boundaries in regards to currency. This may be your crypto currency of choice.